| BEIJING, July 4 -- China National
Petroleum Corp, China Petrochemical Corp and two other Chinese
companies will bid for oil and gas exploration rights in southeast
Iraq as energy demand rises in the world's fastest-growing economy.
The two parents of PetroChina Co and China Petroleum &
Chemical Corp, as well as China National Offshore Oil Corp
and Sinochem Corp, have started to assess fields in Iraq,
Zeng Xingqiu, Sinochem's chief geologist, told Bloomberg News
Thursday.
China, which relies on imports for about half of its crude-oil
needs, is seeking investment in overseas petroleum fields
to satisfy growing energy demand from an economy that expanded
10.6 percent in the first quarter.
"Sinochem has completed evaluating 10 small fields
in southeast Iraq," Zeng said. "The biggest risk
is political uncertainty in that region. It's difficult to
predict when we can produce oil from the fields."
The four Chinese companies are among 41 globally that have
been allowed by the Iraqi government to bid for exploration
rights, he said.
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